Price Reduced: 04/19/06 — $519,000 to $498,000
Price Reduced: 04/28/06 — $498,000 to $493,000
Price Reduced: 05/23/06 — $493,000 to $486,500
Price Reduced: 06/13/06 — $486,500 to $459,000
Days on Market: 122
I feel sorry for the guy. He seems to have paid more for it just late 2004 (from zillow).
We were looking at the Vista-Oceanside Shadowridge area the beginning of this year and visited this house. It’s ok, a little bit of noise from Cannon Road. For work related reasons we have put off buying a house till the beginning of next year. I make a little over 100K and we were going to put 100K down, but our choices seems very limited! We decided my wife was going to stay home, but may be we have to change that or move out of SD.
looks like he paid $470,000 for it in Oct 2004. Adding in a reduced realtor commission of 4%, the $10,000 loss, property tax for 20 months, HOA for 20 months, you get $31,800 loss.
Assuming zero down, 100% financing at 5%, his monthly payment has been $2500/month. Dividing the $31,800 by 20 months, that’s $1600/month. Just think of it as him paying rent for this home at $4100/month for 20 months.
Would I pay $4100/month to live in a 17 year old, 1600 sqft home in Oceanside? I’ll probably bite for $1600/month.
Just think of the extra $2500/month this guy paid out as the “pride of ownership” premium.
I’ve added this to my blog as I think it’s important to document actual cases of specific properties that are selling at a loss. While I focus on downtown as I know the market down here very well all of San Diego is of interest so let me know of any other examples I can post.
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